US mulls use of strategic oil reserves to lower prices

February 26, 2012

From PressTV

The secretary of the US Treasury says America is considering an option of drawing on its strategic oil reserves to bring down oil prices, hinting at the global economic impact in case Iran enacts a potential halt to its oil exports to certain countries.

“There is a case for the use of the reserve in some circumstances and we will continue to look at those and evaluate that carefully,” said Timothy Geithner on the nationally broadcast CNBC TV network on Friday.

Expressing deep concerns over supply disruptions from Iran, Geithner claimed the US would find other sources to compensate for any reduction in oil supplies.

“We are working very carefully to try to minimize that risk, make sure there are alternative sources of supply from Saudi Arabia and others to help compensate for reduced exports from Iran,” he went on to say.

Meanwhile, several Democratic Congressmen urged President Barack Obama to tap into the nation’s stockpile amid the hike in global oil prices driven by Iran’s halt of its oil exports to some European countries.

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4 Comments - what are your thoughts?

  • james hennen says:

    BTW, why am I taking this info up so slowly? One more question: Why is the Treasury Secretary making this announcement? Is Geithner the de facto Energy Czar now? Seems the Obama administration loves to have a ‘point man’ making the early pronouncements of each trial balloon they are floating. Maybe saves Obama’s hide when the manure always gets to the back of the spreader. Shame, Obama could stand a little more manure on him to take the stink of all the campaign lies away, diverting attention.

  • james hennen says:

    BTW, forgot to mention, it is NOT the US that is considering dipping in to the strategic oil reserves to ‘lower’ prices. It is the Obama administration in a ploy prior to the elections that is considering such a move. Under Bush, gasoline prices averages $1.79, and the media was on his case like stink on shit. Now gasoline prices are hovering close to $4.00 and the media hasn’t issued one peep against their darling, Obama. Instead, the media is seeking to ‘explain away’ the increases in gasoline costs for Americans on corporate greed, limited supplies, transportation costs, etc. This is the same media for whom greed (advertising revenues) is good word.
    Obama’s continued vetoing of American drilling and oil exploration plus the vetoing of the Keystone Pipeline project are the MAIN reasons for higher fuel costs for Americans! PERIOD!

  • james hennen says:

    Let’s see if even I can figure this one out: Iran is threatening to halt oil shipments to various countries in Europe because Iran feels “oppressed” by those nations with sanctions in place. By halting oil shipments to those various offensive European countries, Iran will be stopping its main source of income. By halting its main source of income, Iranian citizens will begin feeling the “pinch” economically. “There, that’ll teach you infidels to screw with us Iranians!”
    My take: Pack sand you camel screwing muslims! Try eating sand for a few weeks and see how much nourishment you get from that. To counter this latest irrational threat from an irrational nation of camel screwers, all Europe has to do is cut 4% of its driving and the so-called loss of Iranian oil won’t be noticed.
    Ir-an, notice how the first couple of letters also begin ir-rational?

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